China plans fresh $40bn investments in Nigeria

President Muhammadu Buhari of Nigeria and Chinese Foreign Minister

China plans to invest a fresh $40 billion in the Nigerian economy.

The fresh investment is in addition to existing Chinese’s investments worth $45 billion in the Nigerian economy.

China foreign minister, Wang Yi, made the pledge in Abuja, at a bilateral talk with Nigeria’s foreign affairs minister, Geoffrey Onyeama.

Onyeama said: “You know of course that the Peoples Republic of China has been meeting regularly with Africa and the forum for discussing technical cooperation with African countries, the acronym is FOCAC.

“The last one took place in South Africa last December and the government of China made available a total of $60b for Africa and a number of countries, including Nigeria are in discussions to see how much of that could be used to assist in the various projects that we have in this country.

“In area of infrastructure, which is one of the priority areas in the diversification programme of this government from oil to agriculture and infrastructure, the Chinese government has been showing a lot of cooperation with us,” the minister said.

He explained that the visit is to facilitate the implementation of vital parts of agreement and co-operation reached by President Muhammadu Buhari and the Chinese President in Beijing.

“China has already invested or financed a total number of $22billion projects here in Nigeria, another $23billion projects are on-going. In addition, we are also following up another over $40billion of investments, which are in the pipeline,” Yi said.

The Chinese foreign minister had met earlier in the day with President Muhammadu Buhari at the Presidential Villa, where the president pledged that Nigeria would honour all agreements signed with the People’s Republic of China.

‘‘This administration is very serious about infrastructural development. We want rail, road, power, skill acquisition for our people. We ought to have developed beyond this point, but we neglected infrastructure when we had the resources.

‘‘Now, we have to collaborate with you, and we will keep our side of the bargain in all the agreements we have signed,” Buhari was quoted to have said in a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina.

 

Listen to the station live HERE

 

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